3 comments:

The chinese could bring us to our knees in a heartbeat, for whatever reason. Of course, our economies are intertwined more than ever. Jack Welch said it best when he said that globalization and linked economies was the best chance for world peace.

"There are a lot of people with little or no equity in their homes, who owe more on their mortgage than what the house is worth--for example, people who paid $300,000 on a house that's now worth $250,000," said Baker, co-director of the Center for Economic and Policy Research.Baker pointed to a report by the National Association of Realtors showing that in 2006, more than 40 percent of homebuyers financed the entire purchase of their homes--that is, paid no down-payment.Now, of course, house prices are falling--a drop of 8.4 percent in November over the same period a year ago, according to the S&P Case/Schiller housing price index. In some localities, the drop is much more severe. As Baker pointed out in a recent article, home prices in San Diego are dropping at a 27 percent annual rate. In Los Angeles, the rate of decline is 24.7 percent, and in San Francisco, 22.2 percent.

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Associate broker for Halstead Property. First licensed in 1991. Dedicated to providing a level of service, knowledge, and professionalism which exceeds all in the industry. Moved to New York at age 7 (over 40 years ago). I love the old New York and I am an infomaniac when it comes to new development in the city. I have a wonderful wife, 3 gorgeous girls, and live on the Upper East Side.
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